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New Zealand Gazette – 1998 – No. 193

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✨ Financial Statements

4540 NEW ZEALAND GAZETTE No. 193

TRANSPOWER NEW ZEALAND LIMITED GROUP

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 1998

5. REMUNERATION OF AUDITORS

Fees paid or payable to PricewaterhouseCoopers	1998 $000	1997 $000
As auditor of Transpower and Transpower Group subsidiaries	185	130
For other services	1,124	1,296
	1,309	1,426

6. NET FINANCE COSTS

| Finance costs | 116,226 | 130,108 |
| Lease costs | - | - |
| Capitalised interest | (1,261) | (3,965) |
| Interest received | (1,426) | (7,698) |
| Gain on cross border leases | - | (11,386) |
| Dividends received | (2) | (4) |
| | 113,537 | 107,055 |

Related Party Transactions

Finance costs charged by:

| Crown | - | 6,609 |
| Transpower Group subsidiaries | - | - |
| | - | 6,609 |

Lease costs charged by:

| Transpower Group subsidiaries | - | - |

Interest received from:

| ECNZ Group | (18) | (301) |
| Contact Energy | (487) | (100) |
| Transpower Group associate | (136) | (119) |
| Transpower Group subsidiaries | - | - |
| | (641) | (520) |

Gain on cross border leases received from:

| ECNZ Group | - | (1,143) |

Dividends received from:

| Transpower Group subsidiaries | - | - |

Interest is capitalised on capital work in progress in accordance with the accounting policy outlined in Note 1(f). The gain on the cross border lease for the year ended 30 June 1997 arises from the net settlement of the lease liabilities which arose in respect of the leases on certain HVDC converter stations and submarine cables. These gains were net of any associated costs.

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VUW Te Waharoa — NZ Gazette 1998, No 193

NZLII — NZ Gazette 1998, No 193

The Executive Wing of Parliament (depicted) is universally known as The Beehive. It was completed in 1977 and remains the primary office for the elected Government of the day.

✨ LLM interpretation of page content

🏭 Transpower New Zealand Limited Notes to the Financial Statements (continued from previous page)

Domain🏭 Trade, Customs & Industry
KeywordsAuditor Remuneration, Finance Costs, Interest, Lease Costs, Related Party Transactions, Cross Border Leases, Dividends

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